The FTSE 250-listed private equity fund is selling partial interests in five Oakley funds at a 5.75% discount to their March 31 carrying value.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
HarbourVest's FTSE 250-listed trust, which has a 29% allocation to secondaries, first announced plans in April to narrow its persistent discount to NAV.
The vehicle is set to acquire the firm's 20% stake in the asset, reportedly valued at around €170 million.
The jointly developed product gives wealth investors access to ICG's private equity LP secondaries strategy spanning North America and Europe.
The €6.6 billion private equity evergreen fund, which allocates to secondaries, will be divided into compounding and distributing portfolios.
Harrison Street's process sold 91% of shares offered, with 41% transacting at a 15% discount to NAV versus the 20% initially requested.
We map the fair value, cost, and acquisition timeline for one of evergreen capital's most invested-in Q2 continuation funds.
We dive into the June performance, portfolio composition, and other details of the FTSE 250-listed fund, which targets investments through primaries, secondaries, and co-investments.
At least 80% of net proceeds from the transaction will be directed toward a share buyback program aimed at generating liquidity and NAV accretion.
